---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-023531"
form_type: "8-K"
ticker: "GTN"
cik: "0000043196"
company_name: "GRAY MEDIA, INC"
filed_at: "2025-07-25T23:59:59+00:00"
generated_at: "2026-05-18T01:39:02.450616+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Gray Media issues $775M 7.25% senior secured notes due 2033; refinances term loans and revolver

## Summary
- Issued $775M of 7.250% Senior Secured First Lien Notes due 2033 at par.
- Net proceeds used to repay $630M of Term Loan D (balance now $739M), $80M of Term Loan F (balance $10M), and $50M revolving credit facility (undrawn availability now $750M).
- Interest payable semiannually from Feb 15, 2026; callable after Aug 15, 2028 at specified redemption prices.
- Notes guaranteed on senior secured first lien basis by existing and future restricted subsidiaries that guarantee Gray's senior credit facility.

## SEC filing metadata
- accession: 0001437749-25-023531
- form_type: 8-K
- ticker: GTN
- cik: 0000043196
- company_name: GRAY MEDIA, INC
- filed_at: 2025-07-25T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/43196/000143774925023531/0001437749-25-023531-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/43196/000143774925023531/gtn20250724_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-023531
- JSON: https://secwatch.observer/filing/0001437749-25-023531.json
- Plain text: https://secwatch.observer/filing/0001437749-25-023531.txt

## Key facts
- Debt Financings
  GRAY MEDIA, INC incurred senior notes of $775,000,000 with U.S. Bank Trust Company, National Association at 7.250% maturing August 15, 2033.
  - Instrument: senior notes
  - Principal: $775,000,000
  - Counterparty: U.S. Bank Trust Company, National Association
  - Rate: 7.250%
  - Maturity: August 15, 2033
  - Event: incurrence
  source text: On July 25, 2025, Gray Media, Inc. (“ Gray ”, “ we ” or the “ Company ”) issued $775,000,000 in aggregate principal amount of its 7.250% Senior Secured First Lien Notes due 2033 (the “ Notes ”) pursuant to an indenture, dated as of July 25, 2025, between Gray, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee and collateral agent (the “ Indenture ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/43196/000143774925023531/0001437749-25-023531-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.